GCL Optoelectronics has won a 1.2 MW procurement project from China Huaneng Group for commercial-grade perovskite/silicon 'HJT' tandem modules. Slated for delivery by June 2026, the tender strictly demands mass-producible modules with over 26% efficiency and full 'IEC' certification. Marking a major industry milestone, Huaneng noted this is the first public commercial perovskite tandem procurement among China's top five state-owned power generators.

In July 2025, JCC Group's first wholly-owned overseas factory, the Jiangxi Copper (Zambia) Optoelectronics Co., Ltd. wire and cable project, officially commenced full-scale production at the Jiangxi Industrial Park in Zambia. The first phase of the project involved an investment of $11 million, focusing on the production of high-quality low-voltage wire and cable and oxygen-free copper rod, with a core production capacity of 40,000 kilometers of wire and cable and 10,000 mt of oxygen-free copper rod annually. Among them, the specifications of wire and cable products range from 0.3mm² to 630mm², including power cables, power supply cords, building wires, PV wires, industrial control cables, etc.; the specifications of copper semis products cover 0.15mm to 8.0mm, including bare copper wires, bare copper strands, copper rods, etc.

Macro News 1. From June 9 to 10 local time, He Lifeng, the Chinese lead negotiator for China-US economic and trade talks and Vice Premier of the State Council, held the first meeting of the China-US economic and trade consultation mechanism with Beth Van Duyne, the US lead negotiator and US Secretary of the Treasury, Gina Raimondo, US Secretary of Commerce, and Katherine Tai, US Trade Representative, in London, UK. Both sides engaged in candid and in-depth dialogue, exchanged in-depth views on economic and trade issues of mutual concern, reached a consensus in principle on the framework of measures to implement the important consensus reached during the phone call between the heads of state of the two countries on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, and made new progress in addressing economic and trade concerns of both sides. 2. Li Chenggang, China's International Trade Representative and Vice Minister of Commerce, said in London, UK, on the evening of June 10 that over the past two days, the Chinese and US teams had conducted in-depth exchanges and reached a framework on implementing the consensus reached during the phone call between the heads of state of the two countries on June 5 and the consensus reached during the Geneva talks. 3. At yesterday's regular press conference of the Ministry of Foreign Affairs, Lin Jian, a spokesperson, introduced that the Ministerial Meeting of Coordinators for the Implementation of the Outcomes of the Forum on China-Africa Cooperation (FOCAC) was held in Changsha, Hunan Province. President Xi Jinping sent a congratulatory letter to the meeting, announcing that China would implement the measure of zero tariffs on 100% of tariff items for products from 53 African countries with diplomatic relations with China. 4. At yesterday's regular press conference of the Ministry of Foreign Affairs, a reporter asked about CK Hutchison Holdings' sale of overseas port assets. Lin Jian stated that China has consistently and resolutely opposed economic coercion, hegemony, and bullying. Lin Jian reiterated that regarding the navigation of vessels from relevant countries, China will, as always, respect Panama's sovereignty over the canal and recognize the canal's status as a permanently neutral international waterway. Industry News 1. From the evening of June 10 to the afternoon of June 11, 15 original equipment manufacturers (OEMs), including BYD, China FAW Group Corporation, Geely Auto, and Xiaomi Auto, have successively issued statements committing to uniformly controlling the payment period for suppliers within 60 days. This move aims to accelerate the efficiency of capital turnover in the industry chain, ensure the stability of the industry chain and supply chain, fulfill the responsibilities of leading enterprises, and promote the high-quality development of the automotive industry. 2. The General Offices of the Ministry of Industry and Information Technology and the National Development and Reform Commission issued a notice on carrying out the cultivation work of pilot-scale production capacity construction platforms for biomanufacturing. The notice proposed that, based on the current status of biomanufacturing industrialisation and the needs of technological development, and focusing on the shortcomings and pain points in the pilot-scale production links of various fields of biomanufacturing, pilot platforms for key product areas such as food and additives, biopharmaceuticals, cosmetics, chemicals, energy, and enzyme preparations should be cultivated according to the characteristics of technological process equipment, effectively driving the coordinated innovation and development of upstream and downstream enterprises in the industry chain. 3. According to informed sources, with the continuous rise in the popularity of IPs, Pop Mart urgently sought workers to resume work after the Chinese New Year to expand its capacity to meet the surging consumer demand. The individual believes that for brands, when market demand far exceeds the supply chain's response speed. 4. Industrial Securities held a cadre conference yesterday, announcing that Su Junliang, the former chairman of Huafu Securities, would assume the role of Party Secretary of Industrial Securities. Due to age limits for the position, Yang Huahui would no longer serve. Yang Huahui had led Industrial Securities for eight years. According to the reporter, Yang Huahui would have other positions arranged for him subsequently. 5. Nine departments, including the Shanghai Headquarters of the People's Bank of China, jointly issued the "Notice on Leveraging the Role of International Green Finance Hub to Support the Construction of a Beautiful Shanghai". The Notice proposed exploring financial support models for ecological and environmental protection projects in Shanghai, continuously building the Shanghai Green Finance Service Platform, and improving the Shanghai Green Project Library. 6. Data released by the China Association of Automobile Manufacturers (CAAM) showed that in May 2025, China's automobile production and sales reached 2.649 million units and 2.686 million units respectively, up 1.1% MoM and 3.7% MoM, and up 11.6% YoY and 11.2% YoY. From January to May, automobile production and sales reached 12.826 million units and 12.748 million units respectively, up 12.7% YoY and 10.9% YoY. 7. Benefiting from the deep integration of AI large models and augmented reality technology, the smart glasses market has been heating up recently, with strong sales both online and offline. The head of the digital business department of an e-commerce platform introduced that the smart glasses market had shown explosive growth, with trading volume increasing more than eightfold YoY. 8. The General Office of the People's Government of Liaoning Province issued the "Implementation Plan for Promoting Innovative Development of Artificial Intelligence in Liaoning Province". It proposed that by 2027, the province's computing infrastructure construction system would be basically formed, achieving a computing power scale of over 5000 PFLOPS, and the core industry scale of artificial intelligence would reach 100 billion yuan. Corporate News 1. *ST Yazhen announced that due to multiple instances of abnormal fluctuations in stock trading, it would suspend trading for verification starting today. 2. Industrial Securities announced that as of now, it had not received any information regarding a "merger with Huafu Securities". 3. Shuangliang Eco-Energy announced the signing of a 450 million yuan sales contract for green electricity-based hydrogen production systems. 4. *ST Jinbi announced that Yuanyichengwu would become the company's controlling shareholder, and its stock would resume trading. 5. Hesheng New Materials announced plans to invest 250 million yuan in ARM server processor chip company Yizhi Electronics. 6. Junshi Biosciences announced that the clinical trial application for its controlled subsidiary's JT118 injection had been accepted, intended primarily for the prevention of monkeypox virus infection. 7. ST Red Sun announced that it would remove other risk warnings starting from June 13, and its stock abbreviation would be changed to "Red Sun". 8. Aurora Optoelectronics announced that the company has a solid position in the backlight module for Switch 2 and will increase R&D efforts in high-end products in the future. 9. KDLI announced its intention to jointly invest with VEICHI Electric and others to establish Suzhou Yizhi Smart Drive Technology Co., Ltd. 10. Yinlun Machinery announced its intention to contribute 10 million yuan to jointly establish Suzhou Yizhi Smart Drive Technology Co., Ltd. 11. Tinci Materials announced its intention to invest in and construct an integrated production base for electrolytes and raw materials in Morocco. 12. Changshan Pharmaceutical stated on an interactive platform that the suspension of the listing of Abenatide is unrelated to the combined listing approval for weight loss. Global Markets Most European and US stock markets fell, while international crude oil futures settlement prices surged over 4%. US stocks moved downwards after a higher opening, with all three major indices closing lower. The Nasdaq fell 0.5%, the S&P 500 fell 0.27%, and the Dow Jones Industrial Average fell by 1 point. Intel fell over 6%, marking its largest single-day decline in two months. Oklo surged nearly 30%, hitting a record closing high, as the company reached a nuclear power agreement with the US Air Force. Space technology company Voyager Technologies Inc. (VOYG) surged over 82% on its first day of trading in the US IPO. Popular Chinese ADRs had mixed changes, with the Nasdaq Golden Dragon China Index rising 0.08%. Major European stock indices closed with mixed changes, with the German DAX30 rising 0.04%. International crude oil futures settlement prices surged over 4%. WTI crude oil futures for July rose 4.88%, and Brent crude oil futures for August rose 4.33%. COMEX gold futures rose 0.9%, while COMEX silver futures fell 0.76%. Investment Opportunities Reference 1. Officially entering the mass production stage, a key milestone in the construction of a large-scale aviation equipment system On June 11, the large amphibious aircraft AG600, independently developed by the Aviation Industry Corporation of China (AVIC), was awarded the Production Certificate (PC) by the Civil Aviation Administration of China (CAAC) in Zhuhai, Guangdong. This marks the official entry of China's large amphibious aircraft into the mass production stage and is a key milestone in the construction of China's large-scale aviation emergency rescue equipment system. Founder Securities pointed out that the civil aircraft manufacturing industry holds profound strategic significance for the country, directly linked to national economic growth, employment opportunities, and technological progress. This industry not only significantly boosts economic growth but also drives substantial employment and plays a huge role in promoting technological development, particularly in the fields of new materials, new energy, and advanced electronic technologies. The development level of the large aircraft industry has become an important indicator of a country's technological and industrial strength, as well as its international competitiveness. Additionally, the large aircraft industry also holds significant military application value, playing a crucial role in enhancing the quality and level of the national defense industry. 2. Smart dexterous hand developed by Chinese researchers achieves human-like adaptive grasping for the first time According to media reports, the breakthrough bionic dexterous robotic hand, F-TAC Hand, was recently published in the international journal Nature Machine Intelligence. This system integrates high-resolution tactile sensing across 70% of its palm area, achieving human-like adaptive grasping capabilities for the first time and marking a significant leap forward in robotic intelligence and its ability to interact in real dynamic environments. This breakthrough was jointly achieved by the Beijing Institute for General Artificial Intelligence and Peking University. Huaxi Securities believes that dexterous hands are crucial for the practical application of humanoid robots, and subsequent updates and iterations will still present significant technical challenges. Producers with the capability to design and manufacture dexterous hands are expected to have a stronger voice in the industry chain and may lead in profitability. Additionally, to enhance the functionality of dexterous hands, the demand for key components such as lead screws, reducers, motors, tendon cables, and tactile sensors will increase. The firm remains optimistic about technology-leading enterprises with advanced industrial layouts. 3. Another solid-state battery conference is set to take place in June, with institutions affirming the industry's long-term development trend The "5th China International Solid-State Battery Technology Conference & 2025 Advanced Battery Materials and Intelligent Equipment Technology Exhibition" will be held in Hefei from June 19-20, 2025. The conference will feature six themes covering solid-state batteries, cathode and anode materials, sodium-ion batteries, battery safety, battery recycling, lithium resources, as well as testing instruments and equipment enterprises. It will comprehensively showcase the latest research, technologies, processes, and equipment advancements, and delve into the future development directions of the new energy industry. Recently, CATL's 21C Innovation Lab published its research findings on lithium metal batteries in the international journal Nature Nanotechnology. This research is expected to accelerate the transition of solid-state batteries from laboratory to large-scale application. Yang Rui from Huaxi Securities believes that with the maturation of battery technology and the improvement of the supporting industry chain, new solid-state-related products are expected to be launched successively, capacity construction will continue to progress, and terminal performance is anticipated to be continuously validated, accelerating the industrialisation process. Yao Yao from Sinolink Securities believes that the long-term development trend of solid-state batteries is certain, and attention should be paid to incremental segments. Recent industry changes focus on the fibrillation of raw materials and lithium metal anodes. 4. Industry leader launches AI medical product matrix to meet users' diverse healthcare management needs Recently, at a launch event, Ping An Good Doctor announced the official rebranding of Ping An Health Medical Technology Co., Ltd. to "Ping An Good Doctor." The company unveiled its annual medical and health service brand and introduced a comprehensive "7+N+1" AI medical product matrix that covers all scenarios, cycles, and ecosystems to meet users' diverse healthcare management needs. AI technology can not only assist doctors in identifying fracture lesions but also aid in early disease screening. Nowadays, it is also taking on the crucial task of intelligent patient triage. According to Southwest Securities, statistics show that over 830 hospitals nationwide have successively completed the localized deployment of DeepSeek-R1, driving the digital and intelligent transformation of hospitals. Application scenarios include monitoring medical quality, optimizing hospital resource allocation, assisting in diagnosis, and ensuring data security. The comprehensive open-sourcing and multi-domain adaptation of the domestic large model DeepSeek-R1 marks a new stage of technological integration and industry restructuring in AI healthcare, drawing attention to the accelerated development and investment opportunities in the AI healthcare sector.

Guided by the "dual carbon" goals, the PV industry is accelerating into a new phase of high-quality development characterized by "safety + greenness". On June 10th, the "Safety and Green Technology Seminar", hosted by Zhongjian Materials, was successfully held in Shanghai. At the event, the highly anticipated "double-beam alloy steel frame" was unveiled, becoming an innovative solution to address extreme weather conditions and enhance module safety. Representatives from state-owned enterprises, EPC companies, leading module manufacturers, as well as experts and scholars, gathered to discuss the future development path of the PV industry driven by "hard technology". Safety First: The Double-Beam Alloy Steel Frame Makes a Grand Appearance With the increasing frequency of extreme weather events, the severity of power plant safety incidents is escalating. Amidst the ongoing trends of larger and thinner modules, there is an urgent need for breakthroughs in the mechanical strength of PV systems, and the industry is in dire need of higher safety-level load standards. Deng Ruhua, Technical Manager of Zhongjian Materials, systematically introduced the company's latest R&D achievement—the double-beam alloy steel frame—in response to the climate challenges and structural bottlenecks faced by the industry. Based on three generations of technological iterations, this product utilizes high-strength zinc-aluminum-magnesium alloy steel, significantly enhancing corrosion resistance and structural strength. Its "Dragon Head" structure on the A-side effectively prevents dust accumulation, the load-bearing beam on the B-side offers strong load-bearing and cushioning capabilities, and the reinforcing beam on the C-side optimizes the bifaciality and enhances tear resistance. The frame's appearance is highly consistent with traditional aluminum frames, compatible with existing module production and installation processes, offering excellent adaptability and substitutability. With a front-side ultimate load capacity of up to 10,000 Pa, it can withstand typhoons of up to Category 17. Its carbon emissions are reduced by 61.8% compared to aluminum frames, achieving a dual improvement in greenness and safety. Currently, the product has passed multiple extreme environment tests, including IEC63556, and is particularly suitable for harsh application scenarios such as "desert, gobi, and wasteland", high winds and snow, and severe hailstorms. Wind-Resistant Modules Demonstrated in Multiple Locations, Zero-Loss Performance Attracts Attention Qiu Guohui, Vice President of Jolywood and General Manager of the Application BU, introduced that the "Wind-Resistant Module" featuring a "single-glass + transparent backsheet + double-beam alloy steel frame" design has been successfully applied in 19 provinces across the country, with a total installed capacity of 168 MWp. After enduring multiple rounds of extreme weather conditions, including strong typhoons, hailstorms, and heavy snowfall, only one module suffered external damage, while the rest remained intact, fully demonstrating the high safety and reliability of the "Wind-Resistant Module" and attracting significant attention from power plant investors. Mr. Qiu also pointed out that the dust-prevention design of the double-beam alloy steel frame can enhance the power generation efficiency of the Wind-Resistant Module, further increasing power generation revenue for power plant investors. Dr. An Chao, R&D Technical Director of Jolywood Optoelectronics, noted that the steel frame, with its superior strength performance (front-side load capacity of 8,100 Pa, back-side load capacity of 3,200 Pa) and good compatibility, has proven its reliability in multiple Jolywood projects, with cumulative shipments and orders approaching 400 MW. Aluminum frames are becoming a critical pathway to meeting the requirements for high-quality development. Technology and insurance drive the solidification of green foundations. Dr. Liu Jie from Baosteel Central Research Institute introduced the green application of BaoXM® zinc-aluminum-magnesium coated steel sheets in PV frames, which not only enhances corrosion resistance but also helps address carbon tariffs. This material exhibits excellent formability and self-healing capabilities at cut edges, making it widely applicable in coastal and extreme climate zones. Baosteel offers a variety of high-coating products with specified corrosion resistance lifespans, ensuring long-term and stable supply. Lu Peijian, Deputy General Manager of PICC Suzhou Branch, pointed out that natural disasters currently account for over 60% of the risks in PV power plants. He highly praised the risk-resistance capabilities of steel-framed modules and expressed his intention to promote the transformation of insurance from "post-event compensation" to "risk reduction + capital synergy," supporting the steady development of the industry. Relying on its experience serving top-tier enterprises such as LONGi, PICC Suzhou provides comprehensive, one-stop risk protection for the industry. Strategic Signing to Elevate Collaboration At the event, Zhongjian Materials signed strategic cooperation agreements with PowerChina Guiyang Engineering Corporation and PowerChina Sichuan Engineering Corporation, as well as a 500MW steel frame project agreement in Shizuishan, Ningxia, with Saifute New Energy, demonstrating customers' high recognition of Zhongjian's products and technological approach. Zhang Haichao, Member of the Party Committee and Deputy General Manager of PowerChina Guiyang Engineering Corporation, stated that complex environments such as high altitudes and high wind pressures impose higher safety requirements on structural materials. The technological breakthrough in Zhongjian's double-beam steel frames provides more efficient and reliable structural solutions for the corporation. This strategic cooperation will usher in a new chapter of complementary advantages and synergistic development between the two parties. Returning to Essentials, Ushering in the Era of "Tough Competition" At the end of the seminar, Lin Jianwei, the founder of Jolywood Group, delivered a speech. He noted that although the PV industry is in a phase of rapid development, it is experiencing anxiety due to cut-throat competition, with intensified cost-reduction and capacity competition. However, the core of future industry competition will no longer be mere scale expansion but rather a return to product quality, technological innovation, and value creation, ushering in the era of "tough competition." Taking Zhongjian's steel frames as an example, he recounted the seven-year innovation journey spanning three generations: from project initiation in 2018 to achieving hundred-megawatt-scale applications in 2024, and plans to advance to gigawatt-scale promotion in 2025. Lin Jianwei emphasized that the core innovation of Zhongjian's steel frames lies in the "double-beam" structure. By pioneering the "double-beam" structural design and process optimization, they have successfully addressed pain points such as the easy deformation of aluminum frames, combining high safety with cost advantages. It is expected that within five years, this technology will become a mainstream solution, significantly enhancing module quality and reliability. He called on the industry to build consensus and, supported by professionalism, technology, and ecological collaboration, jointly construct a safer, greener, and higher-quality PV ecosystem. The PV industry has broad prospects, with the power and scale of modules continuing to increase. Developing more reliable, safe, and green system solutions has become a common goal for the industry. Zhongjian Materials will continue to lead the new era of steel frames with cutting-edge technology, contributing to the global energy transition. The future is here; let's join hands as peers to create a bright future together!

At 20:06 local time in Zambia on June 7, 2025, the site of the oxygen-free copper rod project of JCC (Zambia) Optoelectronics Co., Ltd. (hereinafter referred to as "JCC Zambia") was filled with jubilation—the up-casting furnace was officially started for production. This key project, which carries the mission of optimizing the industrial layout of JCC South China Company in Zambia, achieved a crucial breakthrough, adding another footnote to the in-depth development of the Belt and Road Initiative on the African continent. After 270 days of intense efforts, the oxygen-free copper rod production line with a designed capacity of 8,000 mt per year was finally successfully started for production, marking the official commissioning of the largest and most advanced copper processing benchmark project in Zambia to date.

On June 5, the People's Government of Pujiang County, Zhejiang Province, issued the "Notice on Several Policy Measures to Promote High-Quality Economic Development (2025 Edition)". The document states that it is necessary to build a modern industrial system. Focus on strategic emerging industries such as PV and optoelectronics, high-end equipment (machine tools), and electronic information, and cultivate a number of high-end industrial clusters with high technology, high added value, and high technological content. Promote the deep integration of advantageous traditional industries such as crystal (fashion accessories), quilting (textile and apparel), and locks (intelligent security) with intelligent manufacturing, green intelligent manufacturing, and service-oriented manufacturing. Target new fields and tracks such as hydrogen energy equipment, and make forward-looking arrangements for future industries. In 2025, the output value of the seven key industry chains is expected to reach 31 billion yuan, with efforts to attract eight major projects worth over 1 billion yuan each.

Macro News 1. Foreign Ministry spokesperson Lin Jian hosted a regular press conference yesterday. A reporter asked that the US has recently been claiming that China has violated the consensus reached at the China-US Geneva Economic and Trade Talks and has taken a series of negative actions. Lin Jian pointed out that without any factual basis, the US has smeared and accused China, imposed export controls on chips to China, suspended the sale of chip design and software to China, and announced the revocation of visas for Chinese students, among other extreme repressive measures. These actions have seriously undermined the Geneva consensus and harmed China's legitimate rights and interests. China firmly opposes this and has lodged solemn representations. Lin Jian also stated that pressure and coercion are not the right way to engage with China. He urged the US to respect the facts, stop spreading false information, correct its erroneous practices, and take concrete actions to uphold the consensus reached by both sides. 2. At yesterday's regular press conference of the Foreign Ministry, another reporter asked whether China plans to ease export restrictions or accelerate the approval of export license applications, as executives and representatives from the automotive industries in Europe, the US, and India have claimed that China's export controls on rare earths pose a shortage risk that could soon lead to a halt in automobile manufacturing. Lin Jian suggested inquiring with the competent Chinese authorities. 3. At 6 a.m. local time on June 4, the Central Election Management Committee of South Korea held a plenary session and passed a motion on the results of the presidential election vote, officially marking the beginning of Lee Jae-myung's presidential term. Around 5:03 a.m. local time on June 4, the vote-counting process for South Korea's 21st presidential election concluded. According to the results, Lee Jae-myung, the candidate from the Democratic Party of Korea, received 49.42% of the votes, while Kim Moon-soo, the candidate from the People Power Party, received 41.15%, and Lee Jun-seok, the candidate from the Reform and Innovation Party, received 8.34%. 4. The Organisation for Economic Co-operation and Development (OECD) released an economic outlook report on June 3 local time, projecting that the global economy will grow at a rate of 2.9% in both 2025 and 2026, down 0.2 and 0.1 percentage points, respectively, from the forecast made in March this year. 5. According to information from the People's Bank of China, in May 2025, the China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China net repaid 270 billion yuan in pledged supplementary loans. As of the end of May, the balance of pledged supplementary loans stood at 1,793.9 billion yuan. Industry News 1. The Ministry of Commerce and four other departments have organized the 2025 New Energy Vehicle (NEV) Rural Promotion Campaign. They encourage market entities in various fields, including NEV production, sales, finance, charging/battery swapping, and after-sales services, to participate together. By combining policy tools such as trade-in programs and measures to address shortcomings in charging/battery swapping infrastructure in counties, they will customize integrated sales promotion plans that combine "car purchase discounts, energy use support, and service guarantees," and improve the after-sales service network covering the entire lifecycle of car purchase, use, and maintenance. 2. Lei Jun, founder of Xiaomi, disclosed at the Xiaomi Investor Conference that the selling price of the newly launched Xiaomi YU7 could not possibly be the rumored 235,900 yuan, and the official pricing would only be determined 1-2 days before the launch. Lei Jun stated that Xiaomi began investing in R&D in the robotics field five years ago, and currently, relevant capabilities are being trialed at its automobile factory. Xiaomi's automotive chips are also under development and are expected to be launched soon. Lei Jun indicated that losses in Xiaomi's automotive business are gradually narrowing, and it is expected to achieve profitability in the third to fourth quarters of this year. 3. A reporter from Cailian Press learned that a local securities regulator had issued a notice to entities involved in the capital market (including publicly listed firms and institutions) to investigate leads, cases, and suggestions related to "short essays" in the stock market. The aim is to better promote the rectification of the phenomenon of "black mouth" (online commentators spreading false information) harming enterprises in the capital market and jointly create a clean and upright public opinion environment in the capital market. 4. According to data from the State Post Bureau, during the Dragon Boat Festival holiday, the national postal and express delivery industry handled over 1.5 billion express parcels. Postal and express delivery enterprises enhanced the delivery efficiency of specialty fresh produce by increasing the use of intelligent equipment. The national postal and express delivery industry handled 1.511 billion express parcels, up 19.4% YoY. 6. Affected by the volatile increase in international oil prices, domestic gasoline and diesel prices were raised at 24:00 on June 3. The specifics of this oil price adjustment are as follows: Starting from 24:00 on June 3, domestic gasoline and diesel prices were raised by 65 yuan and 60 yuan per mt, respectively. On a national average, the prices of 92-octane gasoline, 95-octane gasoline, and 0-diesel were all raised by 0.05 yuan per liter. Based on this calculation, filling up a 50L tank of 92-octane gasoline will cost an additional 2.5 yuan. Corporate News 1. Guangkang Biochemical announced that shareholders plan to collectively reduce their holdings by no more than 6% of the company's shares. 2. *ST Zhongrun announced the revocation of delisting risk warnings and other risk warnings, with the stock abbreviation changing to "Zhongrun Resources." 3. Guoke Military Industry announced that shareholders plan to reduce their holdings by no more than 2.97% of the company's shares. 4. Lepu Medical announced that its "Youth Needle" has received NMPA registration approval. 5. Rongfa Nuclear Power announced that its wholly-owned subsidiary has won a bid for a project worth 189 million yuan. 6. Shutaishen announced that the conditional marketing authorization application for STSP-0601 for injection has been accepted by the National Medical Products Administration. 7. United Optoelectronics announced its intention to acquire 100% of the shares of Changyi Optoelectronics, and its stock will resume trading today. 8. LONGi Green Energy stated in the record of investor relations activities that orders for its HPBC2.0 products have increased, with overseas orders accounting for over 50%. 9. NavInfo announced the signing of a strategic cooperation framework agreement with Alibaba Cloud, planning to carry out cooperation in large model applications, assisted driving, and the Internet of Vehicles. 10. China CITIC Bank announced that it had received approval to establish CITIC Financial Asset Investment Co., Ltd., with a proposed registered capital of RMB 10 billion yuan. 11. Vohringer announced that Jin Yawei would become the actual controller, and the stock resumed trading. 12. Luoping Zinc & Electricity announced that its controlling shareholder had agreed to transfer 22.4% of the company's shares, and the stock resumed trading. 13. Cuiwei Co., Ltd. announced significant declines in revenue from its retail and acquiring businesses. 14. Seres announced that cumulative sales of the AITO M9 increased by 19.46% YoY from January to May. 15. Precision Forging Technology announced plans to invest RMB 50 million to acquire a stake in Wuhan Gelanruo Intelligent Robot Co., Ltd. 16. Xiamen Tungsten stated on an interactive platform that the company had supplied various tungsten products and components to domestic and overseas fusion customers, including ITER. Global Markets 1. The three major US stock indices closed higher collectively, with the Dow Jones up 0.51%, the Nasdaq up 0.81%, and the S&P 500 up 0.58%. The Nasdaq Golden Dragon China Index closed up 0.56%, with most popular Chinese ADRs rising. 2. WTI crude oil futures closed up 1.42% at $63.41 per barrel. Brent crude oil futures closed up 1.55% at $65.63 per barrel. 3. COMEX gold futures closed down 0.6% at $3,376.9 per ounce. COMEX silver futures closed down 0.05% at $34.675 per ounce. 4. The US White House issued a statement saying that President Trump had signed an order to increase tariffs on imports of steel, aluminum, and their derivatives from 25% to 50%, effective from 00:01 AM EST on the 4th. The statement indicated that tariffs on steel and aluminum imports from the UK would remain at 25%. Investment Opportunities Reference 1. 300-kilometer fully connected, new breakthrough in China's quantum direct communication field According to media reports, a Chinese research team has innovatively proposed a theoretical architecture for long-distance, large-scale, scalable, fully connected quantum direct communication and successfully implemented a 300-kilometer-level quantum direct communication network among four nodes. The relevant research findings were published in Science Bulletin. Experimental results showed that the fidelity of shared quantum states among nodes remained above 85% after communication, verifying the reliability of the scheme in long-distance communication. The number of photon pairs reaching the receiving node after 300 kilometers of transmission still reached 300-400 Hz, meaning that after encoding, the theoretical communication rate could reach several bits per second. Shanghai Securities believes that quantum computing has become a core area of technological competition among major powers. Overseas tech giants such as IBM and Google have continued to make breakthroughs in superconducting routes, while Microsoft has taken a topological approach. China occupies an important position in exploring multiple paths in quantum computing, and the development potential of China's quantum computing industry is enormous. According to data from ICVTA&K and PhotonBox Research Institute, the global quantum industry was valued at $5 billion in 2024 and is expected to exceed $800 billion by 2035, with a CAGR of 59%. The upstream market size is projected to reach $252.7 billion in 2035. 2. Institutions claim that the current global inventory cycle for analog chips has largely hit bottom. Media reports indicate that recently, the research group led by Assistant Professor Huan of the Shenzhen-Hong Kong Microelectronics Institute at the Southern University of Science and Technology has achieved multiple significant breakthroughs in analog and mixed-signal integrated circuit design, with applications spanning multiple critical fields such as the Internet of Things (IoT), wearable systems, and next-generation biomedical technologies. Analog chips are used to process analog signals and possess functions such as power conversion, distribution, detection, as well as signal amplification and conversion in the field of electronic device management. As a crucial component of the semiconductor industry, the growth of the analog chip market is primarily driven by long-term demand from sectors like consumer electronics, automotive electronics, and industrial control, as well as by emerging fields such as artificial intelligence (AI), high-performance computing, and new energy vehicles (NEVs). CITIC Securities' research report states that after nearly six quarters of adjustment, combined with the first-quarter financial data from seven major European and American analog chip companies and their public statements, CITIC Securities judges that the current global inventory cycle for analog chips has largely hit bottom. 3. This technology is rapidly transitioning from the laboratory to commercial applications. Recently, reporters learned from Beijing Tiantan Hospital, Capital Medical University, that the hospital's Clinical and Translational Ward for Brain-Computer Interface (BCI) was officially inaugurated. "This is the first ward in China to apply BCI technology in clinical settings. The establishment of a physical ward marks the official entry of the BCI clinical translation system into a phase of 'standardization, platformization, normalization, and replicability'," introduced Cao Yong, the ward director and executive deputy director of the Neurosurgery Center at Beijing Tiantan Hospital. 2025 is regarded as a pivotal year for China's BCI technology to officially enter clinical practice. Previously, Beijing, Shanghai, and other cities have introduced relevant industrial plans, aiming to complete clinical trials for more than five invasive products by 2030. Shanghai Securities points out that BCI is hailed as "the most disruptive technology of the 21st century," and the industry is developing rapidly: from 2023 to 2024, the global BCI field has witnessed key breakthroughs, including Neuralink obtaining FDA approval to conduct human clinical trials, China's "Beinao No. 1" completing its first wireless implantation surgery, and Meta unveiling a non-invasive wristband BCI interaction prototype. These milestones signify that BCI technology is rapidly transitioning from the laboratory to commercial applications. The Chinese market is experiencing rapid growth, with significant room for further expansion. Multiple regions have introduced action plans for the development of brain-computer interface (BCI) technology. China has launched major national science and technology projects such as the "Brain Science and Brain-Inspired Intelligence Research" initiative. The valuation of leading enterprises is expected to receive additional premiums. 4. Hong Kong's Stablecoin Ordinance Officially Enacted into Law According to media reports, the Government of the Hong Kong Special Administrative Region published the Stablecoin Ordinance in the Gazette on May 30, signifying its official enactment into law. Previously, the Legislative Council of Hong Kong had formally passed the bill on May 21, establishing a licensing regime for issuers of "fiat-backed stablecoins" (stablecoins pegged to legal tender) in Hong Kong. This legislation aims to promote financial innovation while maintaining financial stability, marking a significant step forward for Hong Kong in the digital assets sector. The refinement of the regulatory framework under the Stablecoin Ordinance provides more compliant and efficient settlement tools for global cross-border payments, facilitating the large-scale application of digital currencies in cross-border scenarios. Huaxi Securities believes that as the global regulatory framework gradually improves, stablecoins and Real-World Assets (RWA) will deeply integrate, becoming key infrastructure in the financial market. The compliance and programmability of stablecoins will drive the automation and globalization of RWA in areas such as green finance and supply chain finance, supporting the realization of a new digital financial landscape where traditional assets can achieve "on-chain liquidity and global allocation."

2025 (Phase IV) SMM Southeast Asia Industry Field Trip Amidst the ever-changing global economic landscape, manufacturing enterprises worldwide are facing unprecedented challenges. The macroeconomic environment remains volatile, with frequent geopolitical conflicts and rising trade protectionism, leading to sharp fluctuations in industrial material prices and making cost control difficult. The domestic market is experiencing intense competition, with significant overcapacity issues. Enterprises are struggling to survive amid cut-throat competition, with profit margins continuously being squeezed. Meanwhile, the Southeast Asian market is emerging as a rising star, brimming with potential. Its rapid economic growth and accelerated urbanization process, coupled with increasing investments in infrastructure, power engineering, and other sectors, have significantly stimulated demand for industrial products. Southeast Asia's abundant mineral resources also provide a solid raw material foundation for the development of the local manufacturing industry. Additionally, favorable local policies and significant labor cost advantages are attracting global capital and enterprises to establish a presence in the region. To help manufacturing enterprises seize the opportunities of the times and break through development bottlenecks, SMM Information & Technology Co., Ltd. (SMM) has meticulously organized the 2025 (Phase IV) SMM Southeast Asia Industry Field Trip . This field trip will delve deep into Southeast Asia, facilitating face-to-face exchanges with local high-quality enterprises, industrial parks, and industry associations. It will involve on-site visits to enterprises within the industry chain, enabling enterprises to gain a deeper understanding of Southeast Asia's industrial landscape, market dynamics, policies and regulations, as well as the investment environment. The aim is to build a bridge for enterprises to access the Southeast Asian market, explore cooperation opportunities, expand new business territories, tap into new growth momentum for industry development in this vibrant region, and achieve enterprise transformation, upgrading, and leapfrog development. Itinerary Visited Entities 1. Thai-Chinese Rayong Industrial Zone The Thai-Chinese Rayong Industrial Zone is a modern industrial zone developed jointly by China's Holley Group and Thailand's Amata Corporation in Thailand, targeting Chinese investors. With a total planned area of 20 km², it is located in the core area of Thailand's Eastern Economic Corridor. A large number of outstanding enterprises have already settled in the zone (including Zhejiang Zhongce, Zhejiang DunAn, Shenzhen CIMC, Jiangsu Dingsheng, AUX, and Dejinchang, among others). As a highly representative industrial zone in Thailand, we will engage in discussions with zone staff on topics such as the zone's basic information, the operational status of settled enterprises, and investment attraction policies. 2. Dejinchang Optoelectronics Technology (Thailand) Co., Ltd. It is the first overseas branch factory invested by Zhenxiong Copper Group. Established in March 2007 and officially put into operation the same year, it is located in the Amata Thai-Chinese Rayong Industrial Zone, covering an area of approximately 100,000 m² with a building area of about 48,000 m². Its registered capital is 460 million Thai baht, and the total investment is 3 billion Thai baht. The company is primarily engaged in the development and production of new materials for deep processing of various copper conductors (various copper wires). Its main products are copper wires, ranging from copper cathode to various types of copper wires, including bare copper wires, tinned wires, silver-plated wires, nickel-plated wires, alloy wires, as well as various specifications of single wires, stranded wires, and twisted wires. As a typical representative of copper wire drawing enterprises going global, we will exchange experiences and insights with Dejinchang on settling down, taking root, and developing in Southeast Asia, and seek business cooperation opportunities. 3. XINYA ELECTRONIC (THAILAND) CO., LTD The main businesses of Xinya Electronics and its series of subsidiaries include the R&D, manufacturing, and sales of consumer electronics and industrial control cables, automotive cables, communication cables and data cables, new energy series cables and components, etc. The company's end-user clients include well-known domestic and overseas brands such as Hisense, Gree, Midea, Daikin, Canon, Panasonic, Great Wall Motors, General Motors, BYD, NIO, Inspur, Huawei, Dell, HP, ZTE, CHINT, LONGi Group, Hengyineng, East, KUKA, and YASKAWA. We will head to this world-renowned electronic wire manufacturing enterprise. Please look forward to the spark of ideas and business opportunities that will emerge on-site. 4. C&D Inc. Xiamen C&D Inc. (stock code: 600153.SH) is a core member enterprise of Xiamen C&D Group Co., Ltd., a "Fortune Global 500" company. It is a modern service-oriented enterprise with dual main businesses of supply chain operations and real estate development. The company's business began in 1980 and was established and listed on the Shanghai Stock Exchange in June 1998, initiated by Xiamen C&D Group Co., Ltd. In 2024, the company achieved operating revenue of RMB 701.296 billion and after-tax net profit of RMB 5.82 billion. As a supply chain company, C&D Inc. has long-standing presence and extensive resources in Southeast Asia. We will conduct in-depth exchanges with C&D Inc. in Southeast Asia to explore solutions for capital, logistics, and industrial resources in the Southeast Asian industry, and establish effective communication channels for long-term cooperation. 5. WHA Industrial Estates WHA Corporation Public Company Limited develops and operates 12 major industrial estates in Thailand, all of which are strategically located. The group has held the largest market share since 2008. WH currently has 12 operational industrial zones, with 11 in Thailand and 1 in Vietnam, and another 3 industrial zones are still under development. The industrial zones developed and constructed by WHA Group are mainly located in the eastern coastal region of Thailand and have currently formed numerous industrial clusters, including export-oriented industries such as automotive, petrochemical, electronics, and consumer goods. As an industrial estate with a broad scope of operations, WHA Industrial Estates has unique insights into the industrial development and policies of various regions in Southeast Asia. During our exchanges, we will learn about the enterprises that have already settled in the estate, WHA's investment attraction policies, and its insights into industrial development. 6. Malaysia Non-Ferrous Metals Association The Malaysia Non-Ferrous Metals Association (MNMA) was established to integrate the entire non-ferrous metals industry in Malaysia under one entity. Under this unified entity, the objectives are: to coordinate with government authorities and standardize the import codes for non-ferrous metals, particularly in relation to hazardous and non-hazardous waste; to serve as a communication bridge between industry participants and government authorities to promote aligned goals; to educate and self-regulate members in compliance with regulations, especially those related to environmental aspects; to drive the vibrant development of the upstream industry, thereby encouraging downstream investors to invest in Malaysia; to embrace global changes through interactive cooperation and collaborate with other associations worldwide; and to envision Malaysia as the central hub for the non-ferrous metals industry in Southeast Asia. During this exchange, we will listen to the representatives of the association as they introduce Malaysia's industrial blueprint, gain a detailed understanding of Malaysia's industrial planning, and refine each representative's future strategic planning in Malaysia through our exchanges. 7. METROD(MALAYSIA) SDN BHD METROD(MALAYSIA) SDN BHD is a leading manufacturer of copper rods, copper pipes & tubes, and copper busbars in Malaysia. The company commenced operations in 1981 and was listed on the Main Board of the Kuala Lumpur Stock Exchange in 1996. Metrod's high-quality copper products are widely used in numerous applications, including power generation, transmission, and distribution, telecommunications, lightning protection, welding, electronic and automotive parts, electromagnetic coils, motors, compressors, transformers, and more. As a typical representative of local copper rod suppliers in Malaysia, we will engage in in-depth exchanges with METROD(MALAYSIA) SDN BHD and strive to reach cooperation in suitable areas for mutual benefit and win-win outcomes. 8. Zhejiang Gang Lian Jie (Malaysia) Logistics Technology Co., Ltd. Zhejiang Gang Lian Jie (Malaysia) Logistics Technology Co., Ltd., established in 2023, is a wholly-owned subsidiary of Zhejiang Gang Lian Jie Logistics Technology Co., Ltd. and falls under the Ningbo Zhoushan Port Group system, making it a state-controlled enterprise. The company primarily engages in international freight forwarding for import and export. It extends the standardized processes and management systems within the recycled metals industry to Malaysia, using Malaysia as a hub to radiate throughout Southeast Asia and carry out related businesses. This encompasses international multimodal transport, covering bulk raw materials such as non-ferrous metals, plastic pellets, cold chain products, pulp, and glycerin. Gang Lianjie will introduce the import and export policies of various Southeast Asian countries during the exchange, with detailed answers provided for areas that differ from China. They can also offer one-stop customs services. (More visiting organizations will be updated continuously...) The following are optional itineraries (participation is voluntary, and a separate conference fee is required for attendance). 1. 2025 SMM (2nd) Global Renewable Metal Industry Chain Summit (An additional conference fee of 5,000 yuan is required). Conference Time: June 12-13, 2025 Conference Venue: Hyatt Regency Suvarnabhumi Airport, Bangkok, Thailand Conference Official Website: https://global-renewable-metal-industry-chain-summit.smm.cn/home The 2024 SMM 1st Global Renewable Metal Industry Forum was held in Malaysia. The conference gathered recycling associations, government officials, and renowned enterprises in the renewable sector from various regions to discuss the current state and future development of the renewable industry. From 2024 to 2025, renewable metal policies have been continuously updated, and the industry has witnessed rapid development. To assist enterprises in navigating the changes in the renewable industry, align with industry standardization requirements, and provide a platform for business exchanges, SMM plans to hold the 2025 SMM 2nd Global Renewable Metal Industry Chain Summit in Thailand from June 12-13, 2025. At this conference, you will efficiently gain access to customer resources, industry reports, and interpretations of renewable policies from various regions globally in the renewable metal and battery recycling industries. It is suitable for organizations and individuals concerned about renewable metals to participate. 2. 2025 SMM Southeast Asia (Thailand) Automotive Supply Chain Conference (An additional conference fee of 7,000 yuan is required). Conference Time: June 16-17, 2025 Conference Venue: Hyatt Regency Suvarnabhumi Airport, Bangkok, Thailand Conference Official Website: https://automotive-supply-chain.smm.cn/home In recent years, Southeast Asia has gradually become a crucial link in the global automotive industry due to its unique geographical advantages, abundant resources, and vast consumer market, offering rich supply and demand opportunities. As a regional leader, Thailand has attracted the attention of numerous Chinese NEV manufacturers. At this conference, SMM will invite experts, scholars, enterprise representatives, and government officials from the domestic and overseas automotive industries to participate, jointly explore new trends and models in the development of the automotive industry, share the latest technologies and innovative achievements, promote collaborative development and cooperation in the automotive industry, and facilitate the improvement and enhancement of the industry chain. Meanwhile, we hope that through this conference, we can help Chinese automotive industry chain enterprises better understand the overseas investment environment, leverage the complementary advantages of different countries and regions within the automotive industry, and jointly promote the healthy and sustainable development of the automotive industry. At this conference, you will efficiently gain access to customer resources, industry reports, and opportunities to discuss new materials, processes, and technologies in the automotive and supply chain industries. It is suitable for organizations and individuals interested in the automotive industry to participate. Note: Assembly point for the inspection tour: Hyatt Regency Bangkok Sukhumvit, Bangkok, Thailand For more information about the 2025 (Phase IV) SMM Southeast Asia Industry Inspection Tour , please contact: De'an Xu: 166.0190.90 Email: xudean@smm.cn

On the evening of April 27, Brite Semiconductor released its financial results for 2024 and Q1 2025. In Q1 2025, Brite Semiconductor achieved operating revenue of 139 million yuan, down 59.23% YoY. Net profit attributable to shareholders of the parent company was -25.81 million yuan, turning from a profit of 55.69 million yuan in the same period last year. In 2024, Brite Semiconductor achieved operating revenue of 1.09 billion yuan, down 18.77% YoY. Net profit attributable to shareholders of the parent company was -61.0472 million yuan, down 64.19% YoY. Net profit after deducting non-recurring gains and losses was -44.0461 million yuan, down 69.84% YoY. Brite Semiconductor stated that the decline in performance was due to fluctuations in downstream customer demand, while the company's continuous increase in R&D investment collectively led to a YoY decline in profit levels. According to the financial data, Brite Semiconductor's chip mass production business achieved revenue of 809 million yuan in 2024, down 14.54% YoY, with a gross profit margin of 23.27%, down 3.66 percentage points from the same period last year. The company's chip design business achieved revenue of 281 million yuan, down 28.89% YoY, with a gross profit margin of 30.80%, up 6.46 percentage points from the same period last year. The increase in the gross profit margin of the chip design business was attributed to the higher proportion of revenue from full-custom projects and the overall rise in gross profit margin. By region, Brite Semiconductor's domestic sales achieved revenue of 863 million yuan in 2024, down 10.85% YoY, with a gross profit margin of 21.65%. Overseas sales achieved revenue of 226 million yuan, down 39.35% YoY, with a gross profit margin of 38.80%, up 3.32 percentage points from the same period last year. The decline in overseas sales revenue was higher than the overall growth rate, and the increase in gross profit margin was mainly due to the company's high project execution efficiency and better cost control in this market. In 2024, Brite Semiconductor's R&D investment amounted to 128 million yuan, up 18.12% YoY, accounting for 11.73% of operating revenue, up 3.66 percentage points YoY. The increase in R&D expenses was mainly due to the company's continuous efforts to strengthen the construction of its R&D team to meet technological needs in different scenarios. The number of R&D personnel in 2024 increased from 110 at the end of the previous period to 155, with the proportion of total employees rising from 36.67% to 45.32%. The average salary increased from 581,400 yuan to 601,300 yuan, an increase of 3.43%. The reporter from the STAR Market Daily noted that in 2024, Brite Semiconductor held a total of 98 invention patents and 26 utility model patents, with 32 new invention patents added. These patents mainly involve areas such as high-speed interface IP and high-performance analog IP. The integrated circuit industry is currently in a stage of rapid development, with steady growth in the global market size but increasingly fierce competition. With the rise of emerging technologies such as artificial intelligence and the Internet of Things, SoC chip technology, advanced packaging technology, and the RISC-V architecture have become important directions for the industry's development. At the same time, the importance of localisation demand and technological self-reliance has become increasingly prominent, providing broad development opportunities for domestic enterprises. As of December 31, 2024, Brite Semiconductor had a total of 807 million yuan in orders on hand (tax-inclusive, the same hereinafter), including 430 million yuan in orders on hand for chip design business and 378 million yuan in orders on hand for chip mass production business. Brite Semiconductor has the capability to customise chips based on China's independent advanced processes and has achieved a self-developed layout of high-speed interface IP and high-performance analog IP in advanced processes. It is one of the few domestic enterprises with full-process design capabilities in advanced processes and successful chip customisation experience. In addition to advanced logic process design capabilities, the company also possesses advanced feature process design capabilities covering high-voltage processes, non-volatile memory processes, microelectronics, and optoelectronics integration processes, and has established a strategic partnership with Semiconductor Manufacturing International Corporation (SMIC) through in-depth collaboration. In terms of edge AI platforms, Brite Semiconductor achieved the integration of AI ISP, big-little core CPUs, NOC buses, and high-speed Serdes interfaces based on the 28nm process in 2024. It has now completed the front-end design and entered the FPGA verification and digital simulation verification stages. Regarding the raised capital investment projects, Brite Semiconductor's platform for customised solutions in network communication and computing chips has invested a cumulative 501 million yuan, completing 19.26% of the planned progress. The platform for customised chips in the industrial internet and smart cities has invested a cumulative 131 million yuan, completing 7.34% of the planned progress. The platform for high-performance analog IP construction has invested a cumulative 100 million yuan, completing 12.06% of the planned progress.

On April 21, the winning bid result for the perovskite module equipment tender of the PV pilot project phase II at the new energy base in the southern part of the Kubuqi Desert, conducted by the China Huaneng Clean Energy Research Institute, was announced. The bid winner was Kunshan GCL Photoelectric Materials Co., Ltd., with a winning bid price of 2,309,874 yuan, and a unit price of 2.046 yuan/W. This tender was for the procurement of perovskite modules, totaling 3,528 pieces, with a peak power of 320Wp, dimensions of 2005mm*1005mm, and a total of 1.12896MWp. The delivery location is the PV pilot project phase II at the new energy base in the southern part of the Kubuqi Desert, located in Jirigalangtu Town, Hangjin Banner, Ordos City, Inner Mongolia Autonomous Region.